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Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
 Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of years. The harsh reality is that offshore owners have been dealing with equally bad and sometimes even worse conditions that those owners in the more conventional sectors have been facing.
Since the second half of 2014 and up until today, offshore owners have witnessed a very depressed and volatile market, while as the majority of industry specialists all around keeps stressing that the market is due to face at least another couple of difficult years before things start to improve, sentiment remains very fragile.
The key factor behind this depressed and volatile offshore marker has without a doubt been the continuous decrease in the crude oil price, which primarily happened for two reasons. On one hand there was/is the over-supply in production/stock combined with decreased demand for crude oil in Europe, China and a number of developing economies. The second reason is the lack of a common strategic approach between OPEC and non-OPEC countries that has consistently been weighing down on crude oil prices since 2014. In fact, from the level of $115/bbl in June 2014, prices reached $35/bbl in February 2016 and have currently settled at around $46/bbl. Irrespectively of how optimistic someone is, the above is certainly evidence that unless very specific and collective action on behalf of major producers takes place, prices will need sufficient time in order to reach again levels closer to $100/bbl.
The current lows have led major oil and gas companies to significant losses, with the majority of them trying to alter their strategic approach and to minimize their investments with respect to production and exploration. Global investment in production and exploration has in fact fallen from $700 billion in 2014 to around $580 billion in 2015, while a decrease of at least 20% is expected this year. The end of 2016 will also mark the first time that the offshore industry witnesses three years of continuous decrease in investment production.
The cost/investment downsize approach that oil companies are undertaking, is directly affecting oil workers and companies owning OSV (Offshore Supply Vessels) that provide services in re-supply functions and towage or rescue services to offshore drilling platforms. As expected, in the current state of the market, oversupply poses a major issue in both the Anchor Handling Tug Supply (AHTS) as well as the Platform Supply Vessels (PSVs) fleet, while taking into account the new-building vessels that will be delivered in the remainder of 2016 as well as during next year, we expect excess supply to keep weighing down on the market for longer. Having identified the specific issue, big offshore groups like MAERSK for example, which own the specific vessels types, have announced that they will recycle, modify or sell to non-Oil and Gas owners in order to minimize the help tackle the issue.
This over-supply in the offshore market has resulted in both modern and older offshore vessels being offered for sale in very attractive prices compared to previous years but also with respect to the price these were built, creating without a doubt asset play opportunities for those willing to risk a prolonged - possible beyond 2018 - market downturn.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
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- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- The University of Queensland
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
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